The Portland daily press., 1887-03-15
BANKING Affairs.


The committee held session today over
bill relating to western farm mortgages.
This bill would allow the savings banks
and savings institutions of this State to in
vest ten per cent of their deposits in the
farm mortgages of Kansas and Nebraska,
Dakota was originally included in the billj
provided those mortgages are granted by a
regularly organized investment or guaran-
tee company with paid up capital stock of
100000. But six of the committee partici-
pated in the discussion. Four of them voted
to report the bill favorably, one did not vote
at all, and the fifth, Mr.. Fogg of Portland,
voted against the bill The savings banks
of the State are said to be unfavorable to
any such law, and no one connected with
any of them has urged the passage of the
bill. The support of the measure is said to
come from those who are anxious to find a
market for those securities. Dakato was
stricken from the bill because by the laws
of that Territory real estate is held liable
not only for its own taxes but for taxes ON
the personal property of the owner. As the
tax lien is the bottom lien, it would not be
impossible that an Eastern mortgage might
find himself called upon to pay taxes greater
in amount than the value of the farm on
which he had lent his money. Indeed it is
said that Portland investors have already
met with experiences of this sort. Bank
Examiner Richards does not favor the bill.
Another bill on which the committee will
report favorably is the one introduced sew
eral days ago by Mr.. Fogg. The bill is to
amend sections 92, 50, 100 and 119 of chap
ter AZ of the Revised Statutes, the chapter
relating to banks and banking. AS to be
reported the provisions Of this bill are that
not more than two directors of any one
national bank shall be directors of saw
ings banks; that the bond of treasurer of
a savings bank shall expire in ten years, and
that the trustees may insure the fidelity
OF treasurer III a fidelity or trust
company. Another provision of this bill, as
it.was originally introduced. relieved the
State Bank Examiner of the necessity of ex-
amining every bank twice each year. The
committee being of the opinion that twice a
year is none too often for examinations,
have changed the bill so as to allow the
Bank Examiner $1,000 for the employment of
an assistant.
The banking committee also report favor
ably the bill providing for a return to the
Bank Examiner of all accounts of depositors
whose whereabouts are not known, and who
at the same time have not disturbed their
deposits for twenty years.
The Ten-Hour Sill.
If any measure was ever fated to have an
uncommonly tempestuous passage through
the Maine Legislature that measure is the
Looney bill The conference committee APP
pointed last week, Senators Heath, Gushee
and Weymouth and Representatives Powers,
Noble and Roberts Of Brunswick met this
forenoon to settle the two points in dispute
between the House and Senate. But the
Senators were uncompromising enemies of
the Looney bill, and the Representative. its
uncompromising friends; so they got on very
badly. They could not agree at all, and so
reported back to their respective bodies.
This afternoon new committees were APP
pointed, composed of men who are not such
ayowed partisans of one bill or another.
They are Senators Hill of Androscoggin,
Wallace of Washington, and Young of Ok
ford, aud Representatives Wisweil of Els
worth, Harper of Lewiston and Glover of
Rockland. 1t is probable that when they
meet tomorrow they will decide practically
to do as the House wishes on the two points
at issue. If this is done, the result will be
the Looney bill in form very much like its
original form. Unless some unforeseen
complication arise the Looney bill is likely
to be beyond danger by tomorrow night.
Notes.
The Sagadalloc county delegation have re-
ported bill to make free and put upon the
county for support the Arrowsic and Merry
meeting Bay bridges.
There are two prominent candidates for
the position of Commissioner of the Bureau
of Labor Statistics. They. are Mr.. Samuel w.
Matthews of Caribou. editor of the Aroos-
took Republican, and w. b. Matthews of
| Brunswick
Senatos Allen presented in the Senate to-
day resolution to submit to the people a
constitutional amendment establishing an
nual sessions of the Legislature. This will
have nothing to do with the election, which
will continue to be biennial.
The age of consent has finally been fixed
at thirteen years.